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tv   Boom Bust  RT  October 14, 2017 8:29am-9:01am EDT

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it's meteoric rise from around one thousand dollars to this in ten and a half months setting analysts and investors back on their heels now initial coin offerings were sternly turned away by the securities and exchange commission here in the united states but japan's financial watchdog greenlighted eleven companies to trade the crypto currency china is clamping down and punishing undercover traders meanwhile south korea loves it for sure the cryptocurrency has seen a movie two thousand and seventy russia was the most recent to chime in its central bank chief calls big coin untraceable therefore dangerous earlier this week russia's minister of economic development wrapped up business here in washington with this to say about that point. if you go in there's not an easy question because on one side it's a new technology and we should be studied and we should be leading in the study of that technology but on the other side it's it might bring somebody to those some conflicts and missteps we train this thing it's so that's how we see the station in
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the sky we've been moving forwards. in the broader picture a block chain enabled big coin leads to a discussion of tech it's the short form of financial technology which encompasses innovation in how people transact business everything from machine learning to predictive behavioral analytics and data driven marketing it's also handy for circumventing conventional bank finance and the federal reserve is stumped as president donald trump says he will roll back financial crisis era regulations such as dodd frank st louis fed president james bowler and says we are at the end of even thinking about dogs for the future he says the new issue now for the next ten years is going to be fantastic and how fin tech is going to affect financial intermediation in the united states and if you go out to cynical silicon valley all the discussion is all about how we construct the profits from the big firms well international monetary fund chief christine legarde says fin tech is already
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disrupting as it lowers the cost of financial transactions. they're a pain central bank is on board with a slowly ascending panic over those dependable deposit customers possible with their possible mass migration over to centex firms which better serves mobile banking purposes peer to peer loans event it has many analysts basically saying that banks are so two thousand day. japan's third biggest steelmaker has admitted to falsifying data and not carrying out required tests on its products company still limited says it's planning to compensate affected customers but that's not stopping investors from running to the hills are two thousand higher wages in toronto with more on this for us alex we are hearing some five hundred companies could be affected by this revelation what can you tell us about that but you know you think well maybe they made a mistake there could have been an error in the books but that's not what happened they had been itself falsifying the quality of the steel that they were pushing out
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as well as other type of metals here's just a little rundown of some of the companies that were affected by this and you check this out there's a shinsho mitsubishi toyota g.m. ford nice and and honda were down about aircraft electronics cars rocket ships all kinds of things that you know you want to be safe in bullet train and if the steel doesn't make the grade well you could be in trouble at least that's what i think i'm no scientist but you want to get what you're what you paid for at least now look at this is across the board we're talking about copper and aluminum but they're also saying other iron materials were affected that go into d.v.d.'s and l.c.d. screens like the t.v.'s that you may have a home now some of these products were produced overseas not only in japan but as for japan for kobe plants there we know that this has been going on for about ten years now so that's a lot of metal coming out of there that has not been making the grade but our
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markets are reacting to this can there's got to be something there oh oh yes oh yes there is definitely something. there let me tell you the dog plunge forty two percent that's about one choice eight billion dollars in the market and you know when you hear something like that there's an analyst out there that are predicting the end of kobe steel they're saying you know management is definitely in trouble i wonder why but it aside from that it's not just management that we're talking about we're talking about a company that is probably going to be broken down falling apart this is a massive international company they have operations all around the world so it's not just japan but of course japan is going to be affected by this when you have products coming out of that country that this doesn't look good for the country and basically the quality that we've all learned through the years to believe that japanese quality is the highest of qualities of this is not turning out that way the company itself says that it's going to release the findings for its safety checks of this products except for within the next two weeks and then within about
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a month is going to tell us the causes and the countermeasures that they are going to push forward to try to push this back but it's going to be very difficult seeing that as you mentioned five hundred plus companies affected by this and we're not talking about you know gadgets here we're talking about steel that is put into cars that's put its planes that's put into rocket ships something that we all rely on on day to day basis that drop is amazing in its market share thank you so much out there how events from toronto. leave our reg they may have thought that fixing a lending benchmark by saving them money but a manhattan district court has reversed that three banking giants are set to pay out a total of one hundred thirty two million dollars for fixing the price of borrowing divided according to punishment bank will cough up eighty million dollars city
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thirty three point four million and bringing up the rear with eighteen point five million h.s.b.c. . this is due to a massive us class action lawsuit brought by futures traders they accuse the banks of manipulating the london interbank offered rate banks use the benchmark to set rates on borrowing between themselves as well as hundreds of trillions of dollars in credit card mortgage and student loans the money would go to anyone who traded in eurodollar futures on exchanges including the chicago mercantile exchange with an eight year span within an eight year span rather of time starting with beginning the beginning of two thousand and three running until early two thousand and eleven recent rate rigging suits like this have cost banks billions of dollars in fines from regulators around the world. and the iran nuclear deal and us president donald trump they've never been friends the obama era seven nation accord was much maligned by candidate trump and now he's made moves to make good on his promise to
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get rid of it or at least he said so and his policy outlined today we've just received he did not withdraw as he promised instead he seems to have willed congress to make it less politically painful for him to stick to the agreement let's get into the nitty gritty now joining me from new york conservative t.v. and radio host steve malzberg steve i know you feel pretty passionate about this the world is watching this international bodies were already waiting with their press releases to press the send button there but the audience is you you were his base you're the ones he is aim to please since day one we know that let's listen in on a snippet of the speech. that is why i am directing my administration to work closely with congress and our allies to address the deals many serious flaws so that the iranian regime can never threaten the world with nuclear weapons. all right your take on that part well i was prepared to be a little disappointed and what i would love for him to do today was say i'm not
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certifying it which he did not and i'm out of the deal we're not. out of the deal and by the way the iranian. guard the the i argee corps is their terrorist he stopped short on both those fronts but he did good he started out with a litany of fences that iran has committed against the united states since taking over our embassy for four hundred forty four days he went through the barracks in lebanon and everything else that they've done he talked about how they were a terrorist nation the biggest financer in terrorist supporters in the world intercontinental ballistic missiles has the whole thing he spelled it out and what he said was not certifying this deal now congress has it and congress has some time to figure out what to do with sanctions if congress can't come to an agreement or won't come to an agreement i will get out of this deal so to me i got a little more than a little less than i expected but then a little more in the end than i expected to get and as far as the. revolutionary
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guard corps there's a little confusion i'm still a little confused but the treasury department is going to impose sanctions heavy sanctions on them and to do so i'm told the language has to be from the treasury department that they are in fact a terrorist or a visitation so even though he didn't say that that's a guess implied in the sanctions that will now be thrust upon that that horrific organization in iran so all in all i'm satisfied ok well let's we have to go international but on this topic because people want to know our perspectives here in the united states they want to know your perspective and it's an international situation we need to address with people around the world are watching this european union foreign policy chief federate kemo guarini said the president of the united states has many powers not this one. you have to agree with that because he's doing a lot of posturing and it's not the united states any favors some would say what's
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your take on that well i look i think the president united states has always said he's going to do what's best for the united states and i think this is absolutely no exception he said it is no longer in the interest of the united states or the security interests of the united states or to remain in this deal of for me to certify this deal he talked about president obama who had the regime as he put it the regime in iran on the verge of collapse the whole economy was on the verge of collapse and then obama signed this and gave them all this money a bill you know billions of dollars over one hundred billion dollars two hundred fifty billion dollars up front instead of saying here's a section obeid here's a section a but he gave it all to them including a delivery on a truck filled with cash they have that money and he's propped up their economy so donald trump sees that says what the heck did we do this isn't in our interest and we don't trust you can't separated mine mine or the terrorist supporters the
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supporters of hezbollah what they've done in syria what they've done in yemen what they're doing doing all over the world and say we're not going to think about that yeah i'm just going to focus on rightly or and i can see that separation ok real quick before we go passing this off to congress seems like a political hot potato seems like he's coming in software he said he was going to come in strong what's your opinion congress is speaking out saying we'll read them minutes people don't have competent congress right now what do you think about that you know no confidence in congress whatsoever there are people on the republican side as you know who will thwart everything he does but he did say if congress cannot reach agreement we will be terminating the agreement so that's what congress knows and i believe that's what he will do all right proof will be in the pudding and we will bring you want to talk about that when it happens thank you so much for joining me today a conservative t.v. and radio host steve malzberg thank you my pleasure. time now for a quick break but stick around because when we return the tesla brand faces a mom. star tax bill overseas is a punishment telling the what we're going to find out my guest former u.s.
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attorney mr maher chilton talks movies and money who can ignore the power machine behind ali what we take a look at how sex scandals are changing it as we go to break here are the numbers because. as you know in gears you know you go into are you going to. show you those are the you know mr wolf that is going. to go in another place or through that into the term that the that the. your the two of you are you really just do believe all of these blows the glad i. got burnt on the number
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that i can relate to the other take a look. at your mom got up out of the one that was going to go in the state you know and he's not above the strong room of the room the truth. is. he. become worthless.
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we all willingly accepted the risk of being shot wounded taken prisoner but new forced signed up to be friggin poisoned by our own people of seeing stuff that was nuclear biological and chemical products the said do not truck tires all types of styrofoam polystyrene batteries trucks there was a complete denial i think at all levels of government that there was any connection between berm pits and what these brave soldiers were suffering from to compensate every soldier marine airman and sailor that was on the ground that are complaining about illnesses from their exposure from the berm pits would really literally send a be a broker and they don't want to pay it so the wady in decades a lot of those soldiers will die in time and they won't have to pay and. called
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relevant to the middle finger the movie is to model is. delayed and i hope you die . tonight a financial survival job today with all the money laundering first to visit this campus in the three different. again this is a good start well we have our three banks all set up here maybe something in your something in america something overseas in the cayman islands or do we do all these banks are complicit in the kleptocracy we decide to give mccall and say hey i'm ready to do some serious money laundering ok let's see how we did while we get out and i still dream plots for max and for stacy. oh emotional bill. you know what with. the. launch.
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of all the countries in the world promoting emissions free vehicles norway has been the most prominent to encourage electric cars the government has allowed for pretty generous subsidies but now they might just disappear for she has more on that for us norway currently makes up almost thirty percent of the global electric car market that's because of encouragement and incentives from the government to move away from dependence on gas powered vehicles the most obvious incentives a tax break that could be revoked in next year's budget and a proposal nor raise finance minister of civil genset suggested removing the exemption on electric cars that weigh more than two tons it promises that electric cars will still be accorded significant advantages in comparison with cars running on fossil fuels for example brakes from value added tax and benefits for zero carbon pollution or remain in place but it still has drivers worried especially
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those that want to buy a tesla which is the most popular electric brand in the country the tax increase would boost the cost of the tesla model x. by almost one thousand dollars hence the test the tax nickname it's made many munder wonder why the government would want to make it more expensive when it's still working towards gas free roads and apparently it's because they don't exactly pose as many benefits as originally thought jensen justified the proposal by saying electric cars cars just as much damage to the roads as gas and diesel cars therefore drivers using either vehicle should contribute their fair share if their proposal passes it could have an impact on the share of electric cars on the road. as you can see the number of them in norway has steadily increased over the past seven years that's thanks largely to the tax break in addition to other incentives like no tolls free parking free charging and being allowed to drive in the bus lanes there's still been plenty of critics though arguing the perks only benefit
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the rich by helping them buy tesla's for a cheaper price. so this proposal actually passes with a tax break be removed immediately or do we have a grace period and most likely no because there is a twenty fifteen agreement that promises tax breaks on electric cars through two thousand and twenty so if that agreement was overturned and you know there is no indication that it would be it seems like they might have a few more years to operate these tesla bargains which we could which could cause you know that continued increase in sales before it starts to drop off if they became more expensive by almost ten thousand dollars but you know in order to pass through the legislature it obviously has to get support of the majority because we know that this is probably going to be pretty controversial there because norwegians really like their electric cars it might not pass at all. there are other countries where people are snapping up these cars like candy what other countries are we're talking about that might follow suit well as you just reported
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the other day paris city not right but paris is looking to eliminate diesel and gas powered cars by twenty thirty and slovenia is actually looking to ban that by two thousand and thirty so there's a lot of cities and europe going to really looking to sort of do the same thing as norway and move towards electric cars but you know this obviously makes the situation a little different now that they're realizing ok electric cars might be better for the environment but they're still pose a lot of questions about how our infrastructure can handle them and if they're doing as much damage to the roads then maybe they're not going to make things as you know so much better as we thought they would so opposed a lot of questions to paris and slovenia you know if they encounter the same problem. but there are roads are they going to respond in the same way or they won't to prepare for a situation like that where they realize ok this is better for the environment but maybe some of our roads can't handle the weight of these cars which are usually heavier through you know it's a gray area and we don't exactly know how based on what's happening in our right
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now how quickly the rest of europe will sort of follow suit they might think wait a minute we should rethink this and those electric cars get cheaper and people don't need the incentives to buy exactly will say thank you so much for the bus for . new york times investigation has chronicled years of sexual misconduct and settlements paid over three decades related to the infamous movie producer harvey weinstein more than two dozen women have come forward to tell their stories including one of paltrow and angelina jolie and initially the board of his company the weinstein company has granted him a leave of absence to get counseling but things have changed in the wake of subsequent reporting he has been fired and now new reporting says the top
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entertainment executive at amazon studios roy price has been placed on a leave of absence regarding sexual harassment complaints there will the industry that injects billions of dollars into our economy changing let's take a closer look the former u.s. trade commissioner bart chilton this discussion has taken over the week over the years you've written a lot about movies and money you've even dealt with the issues related to box office futures in your old job as a financial regulator what do you make of the current circumstances in hollywood well i mean the allegations are true. but in they actually pretty true they seem credible stories to be the delegations of this point but you know this isn't just some. it's taking place in hollywood it's taking place across all the sectors and i think it's sort of a clarion call for the c. suite folks and the boards that they've got to take these sorts of things seriously not just because they have a fiduciary duty to their investors and their owners etc but because it's the
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morally right thing to do so being really strong on corporate culture in court corporate ethics and governance is a key thing for these boards and i think they're going to be taking it more seriously not just in hollywood but throughout all the sectors from an economic perspective now how important is this industry to our economy on this show we talk a lot about oil and technology currencies what about the film industry humongous i mean really big i mean when you talk about globally it's a thirty eight billion dollar industry with regard to box office bust open the box office a leaven billion of that is in the united states but there are only two major exports that we have in the u.s. we import so much and one of those is food i know this from my agriculture days the other is film so food and film that's the major export and that's seventeen point
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eight billion dollars a year we export in filth and it's beyond that it adds a lot of jobs i mean there are eighty eight thousand small employers some of them are large but in the united states related to the film industry right they pay one hundred thirty four billion with a b dollars in wages twenty billion dollars in taxes and movies aren't going away any time soon they made over thirteen hundred lindsay last year seven hundred by the major studios and in the united states people two thirds of the people go to a movie a year and in that demographic of the people that are always trying to eighteen to twenty four demographic they go to an average of six point five movies a year. call them light weights but but but but the movie industry is strong and it's an interval part of the u.s. economy which is why it's an intimidating being what about the impact on the i think company now people are running for the health. the it seems like the ropes of
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intimidation holding these people down men and women by the way are being cut and these buyers are running for the hills well i mean you know the bobbin heart of you weinstein the brothers had sort of you know they were sort of the golden boys in the industry started miramax named after miriam and max their parents started in seventy nine sold it to does the in ninety nine but they work for does this part of dream works they're busy doesn't own it anymore but they did really well have some big successes shakespeare in love best picture ninety nine chicago's best picture in zero two but great film but then they had some trouble when they started the weinstein company in two thousand and five separate from from dues the they made some bad investments into you know social media platform. a small world it was called that went bust it into video rentals that went bust they really had some problems they did a restructuring in two thousand and ten and that helped
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a little bit and they had some really good movies that came out between two thousand and ten and two thousand and thirteen so just those three years they had five movies that made over one hundred million dollars so for that but since two thousand and thirteen they've only had one movie that made over well two movies rather that made over fifty million dollars one was last year lie in that movie with dev patel the kid that gets lost on the the train an indian gets raised by nicole kidman not a bad gig but the bottom line is they haven't been doing as well as they had in the past i think it's possible that they either sell maybe go into some bankruptcy in the future to sell the innards of the weinstein company and move some. place else but they're surely in trouble they've got reputational risk you can imagine trying to raise money for a film project if you're part of the weinstein weinstein company right now that would be pretty tough library for an earlier with your past experience years ago
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there was an effort to create a trading exchange that would offer a future is related products on movie box office. and you oppose that why did you know that well i mean they didn't have lens it's a neat concept right i mean you could bet on whether or not a particular movie is going to mean average people could bet on whether or not a movie is going to make money and you know follow look at auburn hair on your on line you know it be very critics don't have their their say at that everyone's like it was you know it would be a really nasty but i thought it might be subject to be nipped elation and i thought the proposal was put together right fairly shoddily i mean somebody somebody working at craft services could say that a former you know addicted addict to write a bender on the weekend and shoot the price down but i do think that maybe given what's going on in the industry and that that should be reinvestigated i think i was right at the time with the proposal as presented with but i can see where some of these small companies some of these eighty eight thousand businesses that are
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relying on money being houses exact all of that would be like a half million tractor hedging their risk right say you know we think this movie's going to take off but maybe we'd better go ahead and hedge our bets on it so all the commissioners are are different my former agency i'm not saying i would definitely have if i was there now but i think it's something worth considering they should talk to the motion picture association of america those are the five big studios and they've got something to say about it that the head of that by the way somebody who we sort of talk about a lot chris does the form of dod for right so he knows how to ensure that things are done right ok obviously movie fan you going to air this weekend goodbye christopher robin the new the yeah about a day when you would be. the author of when he the food should be good he's got p.s. p.t.s.d. so could be some sad moments but i love winnie the pooh is so much that i think i'm going to check it out that's not a bad call thank you so much former u.s. attorney mr parks. thanks for watching be sure to catch on direct t.v.
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in the united states you can find us on the r. t. channel three two one and if you missed us on directv on youtube youtube dot com slash thanks for watching phoenix time. the city of luxury and fame but also an alarming number of people living in the streets. the simple fact in l.a. he's there's just not enough shelter even if people on the streets right now decided to come in there's nowhere to come in it's been a struggle. this man phoned his own response to the problem and construct dozens of tiny homes for people in need of shelter when you have nothing in order to go. you know having something like this may as well be a castle but do the authorities accept such. a tiny house.
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parking space is not a solution. to someone wanted to ring the site otherwise it will be a free for all they're a better alternative to end the homelessness crisis. skies by the natural survival. when customers go by the reduced. well reduced lower. that's undercutting but what's good for markets it's not good for the global economy. is still exist. ricos treats it as one does. the island is controlled by the u.s. government. dependents.
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still do wish to join the u.s. hundreds more leave every day. with the country at a crossroads. is on the rise. nuclear
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deal with iran is it risk is president trump world leaders climbing to iran is breaching the spirit of the green. this is a dangerous signal president of the united states many posts not this one. he said to come more children have been reunited with their relatives in our team campaign to help orphans in iraq they are believed to have been brought to the country when their parents joined islamic state although now there is an argument they should be treated first and foremost these are children. are not responsible for the actions of there are many fathers some of these children are being used to suicide.


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